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Italian appeals Court upholds conviction of Milan prosecutors in Eni Nigeria Case
Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to comply with their legal obligations by failing to submit documents that would have been helpful to the defence. Spadaro, before Thursday's verdict read to the court a long statement in which he stated that "there was not omission, no refusal" and the prosecution had acted according to "conscience and law". Massimo Dinoia said that the two attorneys for the prosecution would appeal their case to Italy's highest court, The Court of Cassation. De Pasquale & Spadaro are able to continue working during the appeals process. The Milan court which acquitted defendants in Eni and Shell's trial stated that the prosecutors failed to include a video taken by an ex-external lawyer for Eni. This court considered the video relevant to the case. The Brescia Court has jurisdiction over judges in Milan and prosecutors there. (Reporting and editing by Gavin Jones, Emilio Parodi)
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Brazil looks to financial guarantees and tax breaks for strategic mineral deposits
According to the agenda for the first meeting of the National Mining Policy Council, held on Thursday, the Brazilian government plans to offer financial guarantee to fund strategic mining projects and tax incentives to encourage their processing and industrialization. Document stated that the meeting will take place at 3:30 PM (1830 GMT) in Brasilia. The resolution to create a group of experts tasked with developing the supply chain in Latin America's biggest economy is expected to be voted on. The committee was created by President Luiz inacio Lula to promote a new policy that treats strategic minerals as an issue of national sovereignty and aims to limit exports without domestic processing. In August, the Brazilian government said that the framework will help Brazil maintain control over its mineral resources and position Brazil as a leader in the global energy transition. Rare earth elements, abundant in Brazil, are critical minerals that are essential for advanced technologies. They have also become a flashpoint of tensions between the United States and China following Beijing's decision to move its embassy to tighten Export controls were implemented earlier in October. According to the U.S. Geological Survey, Brazil's rare earths production is less than 1% despite having the second largest reserves in the world after China. Brazil is also seeking to engage with the United States again following the aforementioned a Get 50% off Donald Trump's Administration imposed tariffs on its products citing the case of former President Jair Bolsonaro who was later convicted. The sentence is: To 27 years of prison for trying to stage a coup in 2022 after the election was lost. Brazilian officials floated the idea of rare earths in the context of trade negotiations with Washington. However, the dialogue has only recently gained traction. This was notably after Lula briefly spoke to Trump at the U.N. General Assembly on September 30. On Thursday, Foreign Minister Mauro Vieira The meeting is scheduled to take place U.S. Secretary Marco Rubio at Washington. Reporting by Marcela Gregorio; editing by David Gregorio
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Russian rouble falls on concerns about oil exports
On Thursday, the Russian rouble fell sharply in relation to the U.S. Dollar and the Chinese yuan due to market worries about future oil revenues after U.S. pressure was applied on India and China. Donald Trump, the U.S. president, said that on October 15, Indian Prime Minister NarendraModi had promised to stop purchasing oil from Russia. He would then try to convince China to do the exact same thing. The rouble fell by 1.7% against the U.S. Dollar in the over-the counter market and by 2% to 11,20 against the Yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded foreign currency. The rouble strengthened this week to its highest level since July, on the back of a decline in demand for foreign currencies from importers. Fears of a possible future decline in oil revenues led to some profit-taking, which had a direct impact on the thin Russian markets, said a Russian currency trader who declined identification. Another currency dealer stated that "our illiquid market broke", mainly because there was a general feeling of inadequacy about the recent strengthening the rouble. The rouble has not reacted to the news that Trump is to hold a telephone call with Russian president Vladimir Putin on Thursday evening, just a day before he hosts Ukraine's Volodymyr Zelenskiy at the White House. (Reporting and editing by Gareth Jones, Gleb Brynski)
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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during protests in Peru overnight against President Jose Jeri who took power only days before. The protest, organized by Gen Z, civil groups and transport workers, took place on Wednesday night. It was part of a series against rising crime and corruption that culminated in the dramatic ouster at midnight of the former president Dina Boluarte, last Thursday. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. The Ombudsman's Office confirmed that a 32-year old man, Fernando Losada was killed in the protest. It said the death will be investigated. The Peruvian prosecutor's said that Losada died after being shot but didn't say who fired. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". Jeri had earlier claimed that 55 police officers were injured and 20 civilians in the protest. She blamed "delinquents" who "infiltrated peaceful demonstrations to sow confusion." He wrote: "The full force will be on them." The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has also denied wrongdoing and a number of scandals. Boluarte was met with widespread protests when she took power late in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating.
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Kazakhstan freezes fuel and utility prices amid inflation
Kazakhstan's Government announced on Thursday that it would freeze the price of some diesel and petrol as well as suspend utility tariff increases until 2026. This is due to the double-digit inflation rate continuing to increase. In a Telegram statement, the government announced that price freezes for diesel and AI92 gasoline will remain in effect until inflation stabilizes. It also said it would increase funding for the domestic agriculture to help prevent any price increases on what it called "socially important" food products. The government also claimed that it would reduce the tax revenue collected by small businesses, and make affordable mortgages more available. Inflation rates in Kazakhstan, which is a mineral giant and produces around 2% the world's supply of oil, were 12.9% in September. This was significantly higher than those in Russia, Kazakhstan's neighbour and main trading partner, where the prices have risen since the start of the war in Ukraine. Kazakhstan's central banks raised rates last week to an unprecedented 18%. Since the invasion of Ukraine, inflation has also spiked in other Central Asian countries with economies that are closely tied to Russia. The price of LPG soared suddenly in January 2022, causing the worst unrest in Kazakhstan since 1991 when the 20-million population gained independence from the Soviet Union. The fuel price protests that year grew to widespread unrest and hundreds of deaths. Russian troops were deployed to restore order.
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Gold reaches new records as Fed rate-cut betting drives gold to record highs
Gold reached a record-high for the fourth consecutive session on Thursday as investors flocked into the metal of safety due to brewing U.S. China trade tensions, and the U.S. Government shutdown. Bets on interest rates cuts also fueled the momentum. As of 09:10 am, spot gold was up by 0.8% to $4,242.65 an ounce. ET (1310 GMT), after bullion reached a record high earlier of $4,254.61. U.S. Gold Futures for December Delivery were up 1.3% to $4,256.70. Yellow metal is up over 60% in the past year, thanks to geopolitical tensions and aggressive bets on rate cuts, central bank purchases, dedollarisation, and strong ETF flows. The rate-cut scenario heading into 2026, as well as developments surrounding U.S. China will determine the trajectory of gold. "If no deal is made between the U.S. and China, the relationship will continue to deteriorate. That could be what gold needs to break the barrier of $5000/oz," said Zain Vwda. Analyst at MarketPulse. This week, investors have been focused on the U.S.-China Trade Spat. Washington criticised China's increased rare earth export controls on Wednesday as a danger to global supply chains. Traders have priced in a rate cut of 25 basis points by the U.S. Federal Reserve in October and a second in December with probabilities as high as 98% and 95%. Gold that does not yield is usually a good investment in an environment with low interest rates. Vawda stated that short-term gold pullbacks are likely to be temporary as bullish investors use dips to enter positions. HSBC increased its forecast for the average price of gold in 2025 to $3,355 per ounce, citing geopolitical tensions and economic uncertainty, as well as a weaker U.S. Dollar. The ongoing U.S. shutdown has also halted the release of scheduled economic data. A Treasury official warned that the loss in output could be as high as $15 billion per week. Silver spot fell by 0.2%, to $52.96 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.8%, to $1,564.00, while platinum was up 0.7% at $1,665.24. (Reporting and editing by Vijay Kishore in Bengaluru, Sherin Elizabethvarghese from Bengaluru)
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HSBC increases average gold price forecasts 2025 and 26
HSBC raised its forecast for the average price of gold in 2025 to $3,355 from $3,215 because of safe-haven demand fueled by geopolitical tensions and economic uncertainty. In a note from October 15, the bank stated that "sentiment is bullish" as it expects rallies to continue into 2026, aided both by buying from the official sector and demand for gold among institutions as a diversifier. HSBC has also increased its forecast for the average 2026 gold price to $3.950 from $3.125. GOLD HITS A NEW RECORD HIGH HSBC reported that the demand for gold is increasing due to mounting fiscal deficits across major economies, including the U.S. Gold has been traditionally viewed as a safe haven during economic and geopolitical instabilities. Its value has increased by over 60% this year and reached a new record of $4,250.89. China accused the U.S. on Thursday of inciting panic over Beijing's controls on rare earths and said Treasury Sec. Scott Bessent made "grossly distortion" remarks about an important Chinese trade negotiator. The Chinese rejected a U.S. request to roll back curbs. HSBC stated that "central bank demand will likely remain high due to geopolitical risk and dollar diversification but lower than peak levels in 2022-23". HSBC stated that a lower rate cut than the Federal Reserve's current projections for this year or next could dampen the rally. Investors have priced in a rate cut of 25 basis points at the Fed meeting this month, and expect another in December. HSBC stated that the gradual decline in global inflation could also dampen jewelry purchases, which are driven by inflationary fears. The bank also maintained its average 2025 price forecasts of palladium and platinum at $1,100 and $1,215, respectively. Reporting by Noel John, Bengaluru. Editing by Mark Potter
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Gold prices spike in India before festivals, causing a surge in gold smuggling
Government and industry officials said that gold smuggling in India had increased ahead of major festivals. This was due to the record high prices and supply shortages. Import taxes on gold have been reduced to 6%, down from 15% in the past year. Customs and Directorate of Revenue Intelligence officials (DRI), however, said that smuggling had increased in the last few weeks. Several attempts to smuggle were foiled at Indian airports. A bullion dealer in Chennai said that smugglers are now able to convert gold quickly and easily, thanks to the strong demand for festival gifts and limited supplies. This month, Indians will celebrate Dhanteras (Diwali) and Diwali (Dhanteras), festivals when purchasing gold is considered auspicious. These are also the busiest days to buy the precious metal. On Thursday, gold prices in India reached a record of 128,395 rupees for 10 grams. This marks a 67% increase so far this season. Smuggling gold at this price is lucrative for grey-market operators. They can make more money by avoiding the 6% import tax and a local sales tax of 3%. "The payoff is super tempting for them," said an unnamed senior bullion trader in Mumbai. The margin for smugglers has fallen to 630,000 rupees a kilogram after the import duties were reduced in July. The bullion dealer stated that investors are now chasing after gold, causing a shortage of supply and driving up premiums. A jeweller in Kolkata said that banks were unable to satisfy the demand for the stock and charged very high prices. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This is the highest since at least a decade. The government registered 3,005 gold-smuggling cases in the fiscal year 2024/25 that ended in March. They also seized 2.6 tons of this metal. (Reporting and editing by Alexander Smith; Rajendra Jadhav)
United States bets on environment friendly farming; specialists question it is climate friendly enough
President Joe Biden's. administration is offering farmers money for embracing practices. that store carbon in the soil to fight climate change, but. interviews with soil science specialists and an evaluation of. U.S. Department of Agriculture research show doubt that the. technique will be effective.
Farm practices like planting cover crops and lowering. farmland tilling are key to the USDA's plan for slashing. farming's 10% contribution to U.S. greenhouse gas emissions. as the U.S. pursues net-zero by 2050. Ethanol producers likewise. hope those practices will assist them protect financially rewarding tax credits. for sustainable air travel fuel (SAF) passed in the Inflation. Decrease Act (IRA).
However the farming strategies, which will get an additional. moneying increase from Biden's signature environment law, may not. permanently sequester much atmospheric carbon in the soil,. according to 5 soil researchers and scientists who spoke to. about the current science.
Four other soil scientists, and the USDA, stated the practices. can store numerous quantities of soil carbon, however scenarios will. dictate how much and for the length of time.
The White Home referred to the USDA for remark.
A USDA spokesperson stated the adoption and persistent. usage of no-till and cover crops are essential for the sequestration of. carbon on working croplands.
All the experts talked to concurred that no-till. and cover crops can have significant environmental benefits such. as preventing soil disintegration and increasing biodiversity. Yet five. of them revealed apprehension about connecting climate policy and. public money to the practices.
Will it help with environment adjustment? Definitely. Should it serve as an offset for more irreversible and long-lived. pollutants? Absolutely not, stated Daniel Rath, an agricultural. soil carbon researcher at the Natural Resources Defense Council.
The USDA has actually spent $1.3 billion in monetary assistance to. farmers for planting and managing cover crops and $224 million. for carrying out no-or reduced-till considering that 2014, according to. company information. That figure is miniscule compared to overall USDA. costs, however does amount to about 8% of its farm preservation. costs in that period.
If we actually wish to offset or reduce environment modification, we. require to consider various systems, said Humberto Blanco, an. agronomy professor at the University of Nebraska-Lincoln. We. require to consider more aggressive methods.
ALL OF IT DEPENDS
Adoption of cover crops and no-till has actually risen in the past. decade; now, 11% of farms plant cover crops and about 40% usage. minimal or no tilling, according to the most recent USDA. agricultural census.
Under the best conditions, planting cover crops and. lowering tilling can be positive for the climate, scientists. told .
If a farmer is utilizing cover crops and getting excellent development in. the fall and spring, and they're doing very little tillage, on the majority of. soils, they're going to add soil carbon over time, stated Robert. Myers, a teacher at the University of Missouri and regional. director of extension programs at a USDA research website.
A USDA representative said the benefits mostly depend upon. elements like growing environment, soil type, crop rotation, and. other elements.
Five other experts told that no-till farming. frequently leads to a greater concentration of carbon in the soil. surface but a decline deeper in the soil profile, resulting in. a net absolutely no gain.
7 specialists stated the environment benefits of no-till and cover. crop techniques can be minimized or reversed if farmers plow. their fields once again.
Even if you do develop some additional carbon under reduced. tillage, if you then do a conventional plowing, the proof. appears to be that you quite quickly lose the carbon that you've. been building up, said David Powlson, senior fellow at. Rothamsted Research, an agricultural research study organization.
Just 21% of farmers report using no-till continually,. according to the 2022 farm census, and about a 3rd alternate. lowered tilling with conventional tilling, revealed a 2018 USDA. report.
A USDA requirements record for no-till says loss of. carbon in the soil is directly tied to the quantity and strength. of the tilling, and other elements like soil wetness and. temperature.
When it comes to the SAF tax credit, the Treasury Department is. anticipated to finalize information in coming weeks. The $1.25 per. gallon credit is focused on manufacturers who prove their fuel can cut. emissions 50% from those of straight jet fuel.
The program will likely require ethanol manufacturers to source. corn from farmers utilizing cover crops, lowered tilling, or. effective fertilizer application, sources told .
The USDA decreased to talk about what the fertilizer. application would entail.
The ethanol market hopes to account for a substantial. part of the 35 billion gallons of SAF the Biden. administration has promised to produce by 2050.
The individual retirement account consists of some $19.5 billion for farm environment. programs over ten years, and in 2023, about $52.5 million of that. cash went to cover crops and no-till.
(source: Reuters)